National Business Aviation Association (NBAA) President and CEO Ed Bolen said President Barack Obama "denigrated" the business aviation industry during last night’s debate with suggestions of eliminating tax cuts for corporate jet owners.
“The President’s comments completely mischaracterized the businesses and groups that depend on an airplane, the majority of which are small- to mid-sized businesses, farms, flight schools, medical care providers and emergency responders that use the aircraft to connect communities and grow their businesses,” said Bolen.
“That’s why dozens of governors have recognized the industry’s importance, and over 100 mayors have written the President to ask him to stop attacking it at a time when many businesses and communities are still recovering from the economic downturn,” Bolen added.
While discussing methods by which to cut the federal deficit, the President referred to the accelerated depreciation of business jets which allows U.S. companies to depreciate the cost of business aircraft over five years rather than seven years.
“Why wouldn’t we eliminate tax breaks for corporate jets? My attitude is, if you got a corporate jet, you can probably afford to pay full freight, not get a special break for it,” said Obama during the debate.